I love that everyone here is as excited about real estate as I am it has inspired me to take action towards my financial & real estate investment goals!

Rent was earning me $950/month and was paying 12% on property management since i live 3/4 of the country away...Last month i owed 34k on the loan still, but the last comparable property in the same property area sold for 139k prior to the fire, with the townhouse being rebuilt new here within the next year, i expect the value to increase with the updates in the rebuild...Just wanted to get some input on situation, im financially able to cover this $505/month easily, but i feel like there is something i could be doing to offset this and figured the creative minds on here would help me out.

I've done it several times and it's created financial freedom for my family and I.

Essentially, the lessor is allowing a third party operational, financial and strategic control of his property with a VERY small financial comittment.

In the meantime you may want to refi out of that loan If you have over a 650 credit score you can get a stated income loan no financials needed

If you don't have atleast an additional $10K saved up you may end up in a tight spot financially if you have an unexpected repair. 

It's why asking for financial statements, leases, and estoppel agreements are a good idea. 

I came to join biggerpockets by searching for financial freedom and finding the podcast. 

Every investor has a different risk tolerance, financial situation and RE portfolio. 

We do not require copies of any paperwork (e.g. paystubs, bank statements, etc), but you may need to refer to these documents to enter your financial information.